Nearly a quarter of a million current account switches took place during the last three months of 2021, as the number of customers ditching their bank to move elsewhere and gain some extra cash accelerated.
Some 248,902 accounts were switched between October and December and within the latest total, some 94,822 took place in October, marking the busiest month since the UK coronavirus lockdowns started in March 2020. The figures were released by the Current Account Switch Service (Cass), which said 7.8 million moves have been processed since the service launched in 2013.
The scheme automatically moves payments over from someone’s old account to their new one to help the process go smoothly, and a guarantee promises that customers will not be left out of pocket if something goes wrong with the switch.
